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Major League Baseball (Appendix 1)

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Major League Baseball (Appendix 1) MAJOR LEAGUE BASEBALL {Appendix 1, to Sports Facility Reports, Volume 19} Research completed as of October 1, 2018 Team: Arizona Diamondbacks Principal Owner: Ken Kendrick Year Established: 1998 Team Website Twitter: @Dbacks Most Recent Purchase Price ($/Mil): $238 (2004) Current Value ($/Mil): $1,210 Percent Change From Last Year: +5% Stadium: Chase Field Date Built: 1998 Facility Cost ($/Mil): $354 Percentage of Stadium Publicly Financed: 75% Facility Financing: The Maricopa County Stadium District provided $238 million for the construction through a 0.25% increase in county sales tax from April 1995 to November 1997. In addition, the Stadium District issued $15 million in bonds that are being paid off with stadium- generated revenue. The remainder was paid through private financing, including a naming-rights deal worth $66 million over thirty years and the Diamondbacks’ investment of $85 million. In 2007, the Maricopa County Stadium District paid off the remaining balance of $15 million on its portion of Chase Field. The payment erased the final debt for the stadium nineteen years earlier than expected. Facility Website Twitter: @MariCo_StadDist UPDATE: The Diamondbacks can now leave Chase Field as early as 2022 after a decision by the Maricopa County leaders in early May 2018. This ended a longstanding lawsuit between the two parties over the cost and payment of upgrades to the current stadium. In exchange for the Diamondbacks dropping their demand for the county to pay $187 million in stadium upgrades, the © Copyright 2018, National Sports Law Institute of Marquette University Law School Page 1 county allowed the team to start looking for another home located in Maricopa County. If the team were to leave early (the original contract required them to stay through 2028), they would have to pay fines of between $5 and $25 million. For the 2018 season, the Diamondbacks made a number of changes to Chase Field. Platinum T.E., which is a natural turfgrass sod used by other ballparks, was installed. They also installed a humidor to store baseballs becoming only the second ballpark to do so and a bullpen cart will be used. The food and beverage offerings have also been improved with an expanded menu, with the introduction of Gonzo’s Grill, named after Diamondbacks legend Luis Gonzales, being the highlight. Four Coors Light Strike Zone Cabanas, capable of seating 10 people each were introduced as a new, unique seating option. Each cabana is equipped with a couch, television, and high-top chairs. The PetSmart Patio was also introduced as a space to accommodate a small number of guests and one dog. The Diamondbacks also expanded their virtual reality experience at the COX Connects VR Bullpen, where fans can now watch a virtual reality home run derby. NAMING RIGHTS: On June 5, 1995, the Arizona Diamondbacks entered into a $66.4 million naming-rights agreement with Bank One that extends over thirty years, expiring in 2028, and averages a yearly payout of $2.2 million. In January 2004, Bank One Corporation and J.P. Morgan Chase & Co. merged and announced they were phasing out the Bank One brand name. In 2005, the name was changed from Bank One Ballpark to Chase Field. Team: Atlanta Braves Principal Owner: Liberty Media Year Established: 1876 Team Website Twitter: @Braves Most Recent Purchase Price ($/Mil): $400 (2007) Current Value ($/Mil): $1,625 Percent Change From Last Year: +8% Stadium: Sun Trust Park Date Built: 2017 Facility Cost ($/Mil): $672 Percentage of Stadium Publicly Financed: 58% Facility Financing: The new stadium was constructed in a public/private partnership with a project budget of $622 million. Cobb-Marietta Coliseum & Exhibit Hall Authority issued up to $397 million in bonds for the project. The county raised $368 million through bonds, $14 million from transportation taxes, and $10 million cash from businesses in the Cumberland Community Improvement District. The Braves contributed the remaining money for the park. Facility Website Twitter: @SunTrustPark © Copyright 2018, National Sports Law Institute of Marquette University Law School Page 2 UPDATE: SunTrust Park opened in 2017, so there have not been many recent changes to the park. The few changes that did occur were the addition of six or so shops and restaurants to The Battery Atlanta and six rows of seats in two lower-level sections were replaced by four-person tables. Additionally, the Omni hotel and Comcast office building opened, which overlook the outfield. NAMING RIGHTS: In September 2014, it was announced that the Braves had signed a twenty- five-year naming-rights deal with SunTrust Banks for the club's new ballpark in Cobb County. The worth is in excess of $10 million per year, according to sources. The deal includes activation that includes signage inside and outside the ballpark, a revival and expansion of the SunTrust club previously at Turner Field, and some type of retail banking presence for SunTrust in the large mixed-use development being constructed adjacent to the facility, among other assets. Team: Baltimore Orioles Principal Owner: Peter Angelos Year Established: 1953 Team Website Twitter: @Orioles Most Recent Purchase Price ($/Mil): $173 (1993) Current Value ($/Mil): $1,200 Percent Change From Last Year: +2% Stadium: Oriole Park at Camden Yards Date Built: 1992 Facility Cost ($/Mil): $107 Percentage of Stadium Publicly Financed: 96% Facility Financing: The project was financed with $137 million in lease revenue bonds and $60 million in lease revenue notes issued by the Maryland Stadium Authority. Revenue generated by special sports-themed lottery tickets is paying the debt. The remaining costs were covered with cash that accumulated in the lottery fund that was established in 1988 to finance sports stadiums. The team contributed $9 million for the construction of skyboxes. The Maryland Sports Authority spent $1.5 million on improvements in 1998. Facility Website Twitter: N/A UPDATE: Additions to Oriole Park at Camden Yards for 2018 include a number of family- oriented offerings. A Kids Cheer Free ticket offering is one of the new ways the Orioles plan to attract families to the ballpark. This offering allows an adult who purchases an upper deck ticket to bring up to two children (ages 9 and under) to the ballpark. There are also plans to expand Kids’ Corner to include a treehouse and jungle gym. Along with a change to concession price points, there are a number of new menu offerings that include many local favorites. NAMING RIGHTS: In September 2001, the Maryland Stadium Authority amended its lease with the Orioles, giving the team the authority to enter into a naming rights agreement. However, as of © Copyright 2018, National Sports Law Institute of Marquette University Law School Page 3 June 2010, the Orioles had not entered into a corporate naming rights agreement for their stadium. There are no current plans to change the name. Team: Boston Red Sox Principal Owner: John Henry, Tom Werner, and Larry Lucchino Year Established: 1901 Team Website Twitter: @RedSox Most Recent Purchase Price ($/Mil): $380 (2002) Current Value ($/Mil): $2,800 Percent Change From Last Year: +4% Stadium: Fenway Park Date Built: 1912 Facility Cost ($/Mil): $450 Percentage of Stadium Publicly Financed: 0% Facility Financing: The cost of constructing the stadium was funded entirely with private money. Facility Website Twitter: @fenwaypark UPDATE: For the 2018 season, the Red Sox extended the protective netting beyond the dugouts to cover about 20 additional sections on each of the right and left field lines. The Jim Beam Dugout, a new field-level group seating area, was added on the first base line behind the Red Sox dugout. Additionally, the Right Field Roof Deck was redone and is now called the “Sam Deck,” which features a large bar and lounge seating area and will have a variety of Sam Adams beers. A new row of seating was also added to left field adding 30 new seats. Lastly, the concession menu has added a number of locally inspired items. NAMING RIGHTS: Former Boston Globe Owner General Charles Henry bought the team for his son, John Taylor, in 1904. After changing the name from the Pilgrims to the Red Sox in 1907, Taylor announced plans to build a new ballpark in 1910. Taylor called the new ballpark Fenway Park because of its location in the Fenway district of Boston. There are no current plans to change the name. Team: Chicago Cubs Principal Owner: Ricketts family Year Established: 1876 Team Website Twitter: @Cubs Most Recent Purchase Price ($/Mil): $700 (2009) © Copyright 2018, National Sports Law Institute of Marquette University Law School Page 4 Current Value ($/Mil): $2,900 Percent Change From Last Year: +8% Stadium: Wrigley Field Date Built: 1914 Facility Cost ($/Mil): $250 Percentage of Stadium Publicly Financed: 0% Facility Financing: Restaurateur Charles H. Weeghman privately funded the entire cost of the ballpark. Facility Website Twitter: N/A UPDATE: In 2018, the longstanding lawsuit against the Cubs brought by rooftop owners of the building located just past the outfield of the stadium came to a conclusion. The Supreme Court left the decision of the lower court in place which dismissed the lawsuit. The rooftop owners had argued the new construction of a video board in right field blocked their view of the ballpark and violated terms of a 2004 revenue sharing agreement. However, the 7th Circuit concluded the Cubs had the right to renovate and improve Wrigley Field. As the team continues their multiyear, $500 million project, a number of changes occurred before the 2018 season. A 600-seat American Airlines 1914 Club debuted on opening day located behind home plate. A new entrance near the marquee was also created for premier ticket holders. Additionally, two new elevators were installed to reach the upper levels, and the dugouts were widened.
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